Verifone Jumps 6% on FYQ1 Beat; Q2, Year Views Beat

By Tiernan Ray

Shares of electronic payment processing firm Verifone (PAY) are up$1.75, or almost 6%, at $31.00, after the company this afternoon reportedfiscal Q1 revenue and earnings per share that topped analysts’ a expectations, and forecast this quarter’s revenue higher as well, and offered a view for this year’s results slightly higher.

Revenue in the three months ended in January rose almost 2%, year over year, to $437 million, yielding EPS of 31 cents.

Analysts had been modeling $429 million and 27 cents.

CEO Paul Galant said he was “pleased” with the company’s progress with its “operational initiatives,” and that Verifone is “poised to meet our clients’ needs for payment technology to better protect consumer data, while at the same time pushing the envelope on innovative payment as a service and commerce enablement solutions across the physical, on-line, and mobile channels.”

For the current quarter, the company sees revenue in a range of $440 million to $445 million, and EPS of 30 cents to 32 cents. That compares to the average estimate for $438 million and 31 cents.

For the full year, the company sees revenue in a range of $1.78 billion to $1.81 billion, and EPS of $1.40. That compares to the average estimate for $1.79 billion and $1.39.

About Tech Trader Daily

Tech Trader Daily is a blog on technology investing written by Barron’s veteran Tiernan Ray. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields. Comments and tips can be sent to: techtraderdaily@barrons.com.